Hong Kong/Sydney (CNN Business) Qantas (QABSY) is cutting 6,000 jobs and looking to raise up to 1.9 billion Australian dollars ($1.3 billion) as the carrier fights to survive the coronavirus pandemic. The new measures are expected to help the company lower costs by 15 billion Australian dollars ($10 billion) over three years. After that, it's targeting 1 billion Australian dollars (roughly $686,000) in recurring savings each year. Qantas shares, which have fallen 41% this year, were halted from trading in Sydney on Thursday as it made the announcement. Its fundraising plan will involve offering an additional 1.36 billion Australian dollars (about $933,000) worth of shares to institutional investors, at about a 13% discount to the stock's closing price Wednesday.

Source: CNN June 25, 2020 05:37 UTC